New IncomeShares ETPs Explained: SpaceX and Memory (DRAM)

IncomeShares listed two new exchange-traded products on 9 July 2026, bringing our range to 56 ETPs. One is Europe's first options income ETP linked to SpaceX. The other is Europe's first options income ETP on the Roundhill Memory ETF (DRAM).

This article explains what each product does, how the strategy works, and where to trade them.

SpaceX (SPCX) Options ETP

SpaceX made its public-market debut last month – one of the most anticipated listings in years. Many investors want exposure to the stock. But like most high-growth companies, it pays no dividends.

The IncomeShares SpaceX (SPCX) Options ETP aims to change that equation. It sells put options on SpaceX to collect premiums – fees paid upfront by option buyers. We pool those premiums and aim to pay them out as monthly income. The ETP also holds some SpaceX shares, so investors can keep exposure to the stock's general direction over time.

Memory (DRAM) Options ETP

Memory chips are central to the AI buildout. Every AI server needs high-bandwidth memory, and demand has outpaced supply. The Roundhill Memory ETF (DRAM) tracks the theme through memory makers like Micron, SK Hynix, and Samsung.

The IncomeShares Memory (DRAM) Options ETP holds that fund and sells put options on it – the first ETP in Europe to do so. It aims to generate monthly income while keeping some exposure to the memory theme.

How the strategy works

Both ETPs use the same cash-secured put plus equity approach as our existing single-stock ETPs. Around 25% holds the underlying asset for price exposure. The rest sells put options on the underlying asset to collect premiums, which we aim to distribute monthly as ETP dividends. Investors can then decide whether to keep that income or reinvest it.

The ETP works a bit like an insurance provider. Option buyers pay it premiums, and in return the ETP takes on their downside risk in the asset. A put option gives the buyer the right to sell the asset at a set price, known as the strike price. The ETP takes the other side of the trade – so it may have to buy the asset at that price.

The buyer only sells the underlying asset when the market price falls below the strike, meaning the ETP pays more than the asset is worth. If the price stays at or above the strike, the option expires unused – and the ETP keeps the full premium as income.

Where to trade them

Both ETPs trade on the London Stock Exchange, German Xetra, and Euronext Amsterdam, with a total expense ratio of 0.55%. Currency lines and tickers below:

• SpaceX (SPCX) Options ETP: LSE: ELNY (USD) / MSKY (GBx). Xetra and Euronext Amsterdam: ELNY (EUR)

• Memory (DRAM) Options ETP: LSE: DRMY (USD) / YDRM (GBx). Xetra and Euronext Amsterdam: DRMY (EUR)

Investors can check availability with their brokers. The ETPs may also be eligible to hold in a UK stocks and shares ISA or Self-Invested Personal Pension (SIPP), subject to broker coverage.

Key takeaways

• The SpaceX (SPCX) Options ETP is Europe's first options income ETP linked to SpaceX, which listed publicly last month.

• The Memory (DRAM) Options ETP is Europe's first options income ETP to sell options on the Roundhill Memory ETF. It targets monthly income from the memory theme.

• Both ETPs use the cash-secured put plus equity strategy. Both trade on the LSE, Xetra, and Euronext Amsterdam in USD, GBx, and EUR.